02:21 PM EDT, 06/05/2026 (MT Newswires) -- US benchmark equity indexes were lower intraday amid a technology sector-led sell-off, while Treasury yields jumped as markets parsed the latest official jobs report.
The Nasdaq Composite was down 3.2% at 25,950.7 after midday Friday, while the S&P 500 fell 2% to 7,434.3. The Dow Jones Industrial Average shed 0.9% to 51,109, after closing at a record high in the previous session.
Tech saw the steepest drop among sectors intraday Friday, down 4.7%, while consumer staples paced the gainers.
IBM (IBM) shares dropped 6%, the worst performer on the Dow. Cisco Systems(CSCO) and Nvidia(NVDA) followed IBM(IBM) on the index, down 5.8% and 5.6%, respectively. Several other big tech names also fell. These included Microsoft(MSFT) , Oracle (ORCL), Salesforce(CRM) , Qualcomm(QCOM) , Micron Technology(MU) , Advanced Micro Devices(AMD) , and Super Micro Computer(SMCI) , which tumbled 11% -- the second-worst performer on the S&P 500.
In economic news, total nonfarm payrolls in the US rose by 172,000 in May, the Bureau of Labor Statistics said, nearly double the 88,000 increase expected in a Bloomberg-compiled survey.
"Overall, this was a solid employment report," TD Economics said in a report. "Not only did headline payrolls come in stronger than expected, but revisions to prior months were meaningfully higher and well above six-and-twelve-month averages, suggesting some reacceleration in hiring activity."
US Treasury yields were higher intraday, with the 10-year rate up 7.1 basis points at 4.55%, and the two-year rate soaring 11.9 basis points to 4.17%.
Markets widely expect the Federal Reserve to leave interest rates unchanged later this month, which would mark its fourth straight pause, according to the CME FedWatch tool.
"Most (Federal Open Market Committee) participants have said they would prefer to remove the easing bias in the FOMC statement on account of rising inflation risk, and this (jobs) report should reinforce that shift," Morgan Stanley said in a note. "We read this employment report as indicating the Fed can and will remove its easing bias in June."
West Texas Intermediate crude oil was down 3.2% at $90.03 a barrel intraday, while Brent fell 2.3% to $92.82.
US-Iran miliary activity is expected to increase as the Trump administration has reached near limits of patience with the Iranian regime. White House sources stated that "the constant back and forth of the Iranian regime on opening the strait and tying US military activities to Lebanon has worn thin and about to come to an end." Trump administration has threatened to liquidate the $24 billion in frozen Iranian assets using the money as compensation for those gulf nations who suffered damage due to Iran's constant terroristic attacks." "Time has run out and although the President has exercised extreme measures to negotiate a peaceful settlement, it has become clear that Iran is hoping to string along any negotiations with the intent that US mid-term elections will result in Iran getting what it wants from the US and surrounding gulf nations." All this while increased calls from American citizens for the US to end this terroristic problem once and for all through the use of extreme military force.